Pakistan, Saudi Fund ink $107m deals for hydropower projects

MG News | March 23, 2024 at 03:15 PM GMT+05:00

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March 23, 2024 (MLN): Pakistan and the Saudi Fund for Development (SFD) signed two loan agreements on Friday for the Shounter Hydropower Project (48 MW) worth $66 million and the Jagran IV Hydropower Project (22 MW) worth $41m.

According to a press release issued yesterday, the agreements were signed during a meeting between Sultan Bin Abdul Rehman Al Marshad, Chief Executive Officer (CEO), SFD, and Ahad Khan Cheema, Minister for Economic Affairs.

Minister for Economic Affairs welcomed the delegation and appreciated the efforts of SFD for financing in the fields of Health, Energy, Infrastructure and Education as well as the recent floods.

These endeavors aim at harnessing the indigenously available hydropower potential and generating 70 MW hydropower, which will be transmitted to the national grid.

Moreover, it will help in eradicating the menace of deforestation by providing electricity as an alternative to the energy needs of the local communities, who hitherto are entirely dependent on forest wood; and create economic opportunities for socioeconomic uplift of the people of AJK.

The Minister for Economic Affairs appreciated the role and support of SFD to Pakistan at a very challenging time and assured the delegation for further strengthening ties in the future.

Sultan Bin Abdul Rehman Al Marshad assured Pakistan of SFD’s continued support to Pakistan.

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